Daily Index Cycle update

US equities closed moderately higher, sp +17pts @ 1995 (intra high 1997). The two leaders - Trans/R2K, settled higher by 0.2% and 0.8% respectively. Near term outlook offers threat of a brief post-FOMC sell down to the 1960s, but broadly... the 2040s still look due.


sp'daily5

Trans

Summary

*Trans is fast approaching resistance in the 8300s. Sustained action >8400 looks highly unlikely.
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Suffice to note.. a second day higher for the market.. and we're now 128pts (6.4%) above the double floor of sp'1867.

At best, I'd guess the market can push another 2-3% higher... certainly.. no sustained action >2070.
 
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a little more later..